Bitcoin: time to short!
Over the past several days, we’ve seen a rise of more than 6%, which has coincided with a rally in the stock market. Bitcoin is now trading above all moving averages and near the upper Bollinger Bands line — not the most promising signal for further upside. Additionally, we observe that volumes are calming down after the recent spike.
As we move into the start of the year, there may still be significant challenges ahead that have yet to materialize.
Moreover, there is a resistance zone, along with a key Fibonacci level, in the 98-100k range, making it difficult to break above this level.
This suggests that a short-term short position might be a good option. However, it remains fundamentally risky, as the prevailing sentiment still favors buying and holding.
Your sincerely,
Mister iM
As we move into the start of the year, there may still be significant challenges ahead that have yet to materialize.
Moreover, there is a resistance zone, along with a key Fibonacci level, in the 98-100k range, making it difficult to break above this level.
This suggests that a short-term short position might be a good option. However, it remains fundamentally risky, as the prevailing sentiment still favors buying and holding.
Your sincerely,
Mister iM
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